Your firm has identified three potential investment projects. The projects and their cash flows are shown below:

Project		Cash Flow Today (millions)		Cash Flow in One Year (millions)
A		-$7		$15
B		$7		$4
C		$19		-$6

Suppose all cash flows are certain and the risk-free interest rate is 9%.

(a) The NPV of Project A is $__________million. (Round to two decimal places.)

(b) The NPV of Project B is $__________million. (Round to two decimal places.)

(c) The NPV of Project C is $__________million. (Round to two decimal places.)

(d) If the firm can choose only one of these projects, which should it choose based on the NPV decision rule?

-Project C

-Project A

-Project B

-Cannot tell

(e) If the firm can choose any two of these projects, which should it choose based on the NPV decision rule?

-Project A and Project B

-Project C and Project B

-Project C and Project A

-Cannot tell